314 W Association Street, Ellettsville, IN 47429

• 3 beds |
• 2 baths |
• 3,442 sqft

Property Description

Lower your living costs while building wealth. Let your property work for you! This is a duplex. One of both of the units could be available for owner occupancy Why rent when your tenant can help pay the mortgage? Both units are currently leased and generating over $1,700 per month, offering immediate income with built-in flexibility for future plans. Whether you're seeking a house-hack, multi-generational living setup, short-term rental strategy, BRRRR investment, or a straightforward income property, this one checks the boxes. Located approximately 15 minutes from Memorial Stadium, the potential for short-term rental income is especially compelling — imagine football weekend demand. Situated on two parcels totaling just over 0.4 acres, the property offers both stability and upside. The duplex features long-term tenants (since 2019 and 2020) with current rents of $920 for the spacious two-bedroom plus office unit and $850 for the one-bedroom unit, leaving room for future rent adjustments toward market rates. The larger unit’s office could easily convert into a third bedroom, and the basement — complete with egress windows — presents intriguing possibilities for additional living space, storage income, or other creative uses (subject to local regulations). Professionally managed and well maintained, with tenants covering most utilities. Current leases extend through April and June 2026, providing dependable income from day one. Ellettsville continues to see strong rental demand as west-side employers expand. See floorplan in photos for layout and room sizes. With owner occupancy and a homestead exemption in place, property taxes could be significantly reduced — making this duplex an exceptional opportunity for value-conscious buyers.

Listing Status:

Active

Date Added:

February 16, 2026

Data Last Updated:

February 17, 2026 at 2:58PM

Listing Office:

Deb Tomaro Real Estate : 812-345-4404

Listing Agent:

Deborah Tomaro : 812-345-4404

MLS ID:

202604816

Interior

• Basement: Full Basement
• A/C: Central Air
• Heating: Gas

Exterior

• General: Limestone
• Style: Other

Location

• School District: Richland-Bean Blossom Community Schools

Lot

• Zoning: Whitesell Lot 19 & Pt SE NW 10-9-2W and SHARPS 1ST LOT 6253-04-10-214-043.000-013

Utilities

• Water: City
• Sewer: City